（编辑 楚丽君） 证券日报网讯 12月30日，太平洋在互动平台回答投资者提问时表示，公司目前经营情况正常，具有持 续经营能力，不存在《上海证券交易所股票上市规则》相关风险警示情况。公司将继续努力做好经营管 理工作，进一步提升核心竞争力和盈利能力，推进公司价值成长，以更好的业绩回报广大投资者。 ...

一、同意中国太平洋财产保险股份有限公司西安市阎良支公司将营业场所变更为：陕西省西安市阎良区 国家航空高技术产业基地蓝天路5号1幢10201室-213。 二、中国太平洋财产保险股份有限公司陕西分公司应按照有关规定及时办理变更及许可证换领事宜。 2025年12月23日，陕西金融监管局发布批复称，《中国太平洋财产保险股份有限公司陕西分公司关于西 安市阎良支公司变更营业场所的请示》(陕太保产〔2025〕101号)收悉。经审核，现批复如下： ...

一、同意中国太平洋财产保险股份有限公司沧州市吴桥支公司将营业场所变更为：河北省沧州市吴桥县 中澳锦绣城11幢7号房。 二、中国太平洋财产保险股份有限公司河北分公司应按照有关规定及时办理变更及许可证换领事宜。 2025年12月25日，沧州金融监管分局发布批复称，《中国太平洋财产保险股份有限公司河北分公司关于 中国太平洋财产保险股份有限公司沧州市吴桥支公司变更营业场所的请示》(冀太保产〔2025〕86号)收 悉。经审核，现批复如下： ...

Group 1 - Zhiyu is a leading independent general large model vendor in China, offering a matrix of models including small edge models, economical models, and flagship large models with hundreds of billions of parameters to meet diverse customer needs [1] - Zhiyu's one-stop MaaS platform integrates AI models and intelligent tools, providing four types of models: language models, multimodal models, agent models, and code models, along with a wide range of agent templates and tools [1] - Zhiyu's revenue is rapidly growing, with projected revenues of 125 million, 312 million, and 191 million yuan for 2023, 2024, and the first half of 2025, respectively, reflecting year-on-year growth rates of 116.93%, 150.86%, and 325.03% [1] Group 2 - MiniMax has launched a series of native AI multimodal products targeting global C-end customers, featuring self-developed large models like MiniMax M2, Hailuo-02, and Speech-02, which can process long contexts and integrate text, visual, and audio modalities [2] - MiniMax's revenue primarily comes from C-end subscriptions and online marketing services, with projected revenues of 3.46 million, 30.52 million, and 53.44 million USD for 2023, 2024, and the first nine months of 2025, respectively [2] - As of September 30, 2025, MiniMax's average monthly active users (MAU) reached approximately 27.6 million, with paid users of AI native products totaling around 1.77 million [2] Group 3 - Pacific Securities believes that the listing of AI large model companies will catalyze the AI industry, positively impacting AI applications and computing power [3] - The firm recommends several companies including Kingsoft Office, Fengzhushou, Yonyou Network, Hehe Information, Entropy Technology, and CloudWalk Technology as key players in the AI application explosion [3] - The surge in AI applications is expected to significantly increase the demand for computing power, with recommendations for companies like Haiguang Information, Lenovo Group, and Caltech [3]

Core Viewpoint - The U.S. Southern Command reported a military strike on December 29, resulting in the death of two individuals identified as "drug-trafficker-terrorists" in international waters [1] Summary by Relevant Sections - **Military Action** - The U.S. military conducted a lethal strike against a vessel in international waters, targeting individuals involved in drug trafficking [1] - **Target Identification** - The individuals killed were described as "drug-trafficker-terrorists," indicating a dual threat of drug smuggling and terrorism [1] - **Operational Context** - The vessel was reportedly navigating a known drug smuggling route in the Eastern Pacific, highlighting ongoing issues related to drug trafficking in the region [1] - **Casualties** - There were no reported casualties among U.S. military personnel during this operation [1]

目前，事故发生原因尚未公布。救援机构和哥海军已展开搜救行动，有关部门正在对此次沉船事故展开 调查，不排除超载、机械故障或恶劣天气等因素。（总台记者 邓雪梅） 总台记者获悉，当地时间28日，哥伦比亚一艘船只在考卡山谷省附近太平洋水域航行时沉没，造成4人 死亡，其中包括两名未成年人。 据悉，这艘载有约40名乘客的船只从考卡山谷省的布埃纳文图拉出发，目的地是廷比基，在距离廷比基 15海里处发生事故并沉没。 ...

Core Viewpoint - The development of the San Diao Ao area in Ningde has transformed it from an underdeveloped coastline into a thriving modern port city, driven by strategic initiatives to integrate port, industry, and urban development [2][15]. Group 1: Port Development - The San Diao Ao port is recognized as a unique natural deep-water harbor, with main channel depths ranging from 30 to 115 meters, allowing for the docking of large vessels at any tide level [4][9]. - The port has seen significant growth, with cargo throughput increasing from 5 million tons 20 years ago to 85.24 million tons in the first ten months of this year, representing a year-on-year growth of 28.1% [7][12]. - By the end of the year, Ningde is expected to become the fourth city in Fujian Province to have a port with an annual throughput exceeding 100 million tons, enhancing its global market connectivity [9][12]. Group 2: Industrial Development - Ningde has successfully developed four leading industrial clusters: lithium battery new energy, new energy vehicles, stainless steel new materials, and copper materials, leveraging the port for efficient logistics [10][12]. - The proximity of production facilities to the port has reduced logistics costs by over 30%, significantly benefiting companies like Zhongtong Southeast Copper Industry [12][13]. - The integration of port and industry has fostered a "port + manufacturing" development model, enhancing the competitiveness of Ningde's industries on a global scale [13][14]. Group 3: Urban Development - The urban development in Ningde has evolved from a fishing village to a modern city with comprehensive facilities, improving the quality of life for residents and attracting talent [14][15]. - The city's planning has expanded significantly, with the built-up area increasing from 23.39 square kilometers to 47.78 square kilometers, and the resident population growing from 430,000 to 654,000 [15][17]. - Future plans include the construction of a world-class lithium battery new materials industry cluster and a competitive new energy vehicle industry base, further enhancing Ningde's urban and economic landscape [15][17].

二、中国太平洋财产保险股份有限公司茂名市化州支公司应按照有关规定及时办理变更及许可证换领事 宜。 2025年12月22日，国家金融监督管理总局茂名监管分局发布批复称，《关于中国太平洋财产保险股份有 限公司茂名市化州支公司平定营销服务部变更地址的请示》(粤太保产〔2025〕177号)收悉。经审核， 现批复如下： 一、同意中国太平洋财产保险股份有限公司茂名市化州支公司平定营销服务部将营业场所变更为：广东 省茂名市高新区市民片区市民大道89号大院51号首层17号房。 ...

Quantitative Models and Construction Methods 1. Model Name: Industry Crowding Monitoring Model - **Model Construction Idea**: This model is designed to monitor the crowding levels of industries on a daily basis, using the Shenwan First-Level Industry Index as the benchmark[3] - **Model Construction Process**: The model calculates the crowding levels of various industries based on daily data. It identifies industries with high crowding levels (e.g., military and building materials) and low crowding levels (e.g., banking, computing, and media). The model also tracks changes in crowding levels over time to highlight significant variations, such as the large changes observed in the building decoration and real estate sectors[3] - **Model Evaluation**: The model provides actionable insights into industry crowding trends, helping investors identify potential opportunities and risks in specific sectors[3] 2. Model Name: Premium Rate Z-Score Model - **Model Construction Idea**: This model is used to identify potential arbitrage opportunities in ETF products by calculating the Z-score of premium rates[4] - **Model Construction Process**: The model employs a rolling calculation of the Z-score for the premium rates of ETF products. The Z-score is used to determine whether an ETF is overvalued or undervalued relative to its historical premium rate distribution. This helps in identifying ETFs with potential arbitrage opportunities while also warning of potential pullback risks[4] - **Model Evaluation**: The model is effective in screening ETF products for arbitrage opportunities and provides a systematic approach to risk management[4] --- Model Backtesting Results 1. Industry Crowding Monitoring Model - **Key Observations**: - High crowding levels were observed in the military and building materials industries, while banking, computing, and media showed low crowding levels[3] - Significant changes in crowding levels were noted in the building decoration and real estate sectors[3] 2. Premium Rate Z-Score Model - **Key Observations**: - The model identified ETFs with potential arbitrage opportunities based on their premium rate Z-scores, though specific numerical results were not disclosed in the report[4] --- Quantitative Factors and Construction Methods No specific quantitative factors were explicitly mentioned in the report. --- Factor Backtesting Results No specific factor backtesting results were explicitly mentioned in the report. --- Additional Notes - The report primarily focuses on the construction and application of quantitative models for industry crowding monitoring and ETF product screening. It does not delve into individual quantitative factors or their backtesting results. - The models provide valuable insights for identifying market trends and potential investment opportunities, but specific numerical backtesting metrics (e.g., IR or Sharpe ratios) were not provided.

Core Viewpoint - Amorepacific Group is implementing a voluntary retirement program to address the rapidly changing domestic and international business environment, marking the first such initiative since the pandemic-induced performance decline in December 2020 [1] Group 1: Voluntary Retirement Program - The voluntary retirement program targets employees with over 15 years of service in functional and offline sales departments, or those aged 45 and above who joined the company later [3] - The compensation for employees with over 20 years of service is equivalent to 42 months of basic salary, while those with 15 to 20 years of service and employees aged 45 and above will receive compensation calculated at 2 months of basic salary for each year worked [3] - In addition to compensation, the company will provide support services, including comprehensive health check benefits for departing employees and their spouses for two years post-retirement [3] Group 2: Financial Performance - Despite the challenges reflected in the voluntary retirement plan, Amorepacific Group reported growth in its third-quarter performance, achieving sales of 1.02 trillion KRW, a year-on-year increase of 4.1% [3] - The operating profit for the third quarter reached 919 billion KRW, representing a significant year-on-year growth of 41% [3]